HD6
Đầu tư và Phát triển Nhà Số 6 Hà Nội ·UPCOM ·2026Q1
▼▼ Declining sharply
TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity
What Is Changing
On a TTM 2026Q1 basis, HD6 posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 11.4 | 98.9 | 23.5 | 21.7 | 10.6 | 589.5 | 121.0 | 102.1 | 88.9 | 271.8 | 58.2 | 45.5 |
| Growth | -88% | +320% | +8% | +105% | -98% | +387% | +19% | +15% | -67% | +367% | +28% | — |
| Net Income | 0.0 | 3.2 | 0.1 | 0.3 | 0.1 | 75.6 | 2.8 | 0.5 | 4.4 | 22.6 | 2.9 | 2.5 |
| Net Margin | 0.39% | 3.26% | 0.63% | 1.33% | 0.83% | 12.83% | 2.28% | 0.48% | 4.92% | 8.31% | 4.98% | 5.43% |
Drivers of HD6's profit
Net profit attributable to parent declined vs last year, mainly due to lower gross profit. Supporting and offsetting drivers:
Net profit attributable to parent declined vs prior quarter, mainly due to lower financial income. Supporting and offsetting drivers:
Financial Highlights
Detailed analysis of each financial dimension
ROE = Profit Margin × Asset Turnover × Equity Multiplier
ROE fell from 22.0% to 0.9% — all three components weakened, with leverage being the main drag.
Is the profit sustainable?
Margins are under pressure while earnings still rely significantly on non-core sources.
What is driving the margin?
Net margin fell to 2.38%, losing 7.2pp. The main pressure comes from Gross margin fell 8.6pp and SG&A / Revenue rose 2.1pp (in addition, Other profit / Revenue rose 2.3pp added support while Net financial result / Revenue fell 0.1pp remained a drag).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
Profitability trend
TTM YoY · 2025Q1 -> 2026Q1
Watchpoints
Financial result accounts for 82.4% of PBT and lifted net margin by 2.1pp — separate the operating contribution from this source.
Is capital being used efficiently?
Capital efficiency for residential developers should be read alongside project cycles and handover timing — ROIC of 0.8% fluctuates with handover cycles.
Is capital being deployed efficiently?
ROIC fell to 0.76%, losing 26.8pp. That translates to 0.76 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 8.9pp and capital turnover fell 2.13x, while invested capital expanded strongly by 124bn — pressure came from both operational efficiency and asset efficiency.
For real estate developers, ROIC moves with project cycles — this is a reference signal, and the real assessment needs upcoming handover periods.
CAPITAL EFFICIENCY TREND
TTM YoY · 2025Q1 -> 2026Q1
Balance Sheet
ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Capital structure is relatively light for the real estate sector — liabilities at 1.09x equity, net debt at 0.35x equity.
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Drivers
TTM YoY · 2025Q1 -> 2026Q1
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
At present, short-term debt accounts for 27.2% of total debt, cash equals 14.5% of debt, and total debt stands at 165.4bn.
Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.
Watchpoints
Cash / debt stands at 14.5%, leaving limited liquidity buffer to monitor.
Leverage and liquidity trend
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 137.2bn in 2025, against investing cash flow of -238.6bn.
Post-investment cash flow was negative +101.4bn. Financing cash flow was positive +94.4bn.
CFO / net income was 58.37x.
Track how much investment can be funded internally from operating cash flow.
For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.
Cash Conversion
TTM Cash Conversion · 2025Q1 -> 2026Q1
Investment Takeaway
The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 7.2 pp. The next watchpoint is the earnings mix, when non-core contribution is 75.9%.
Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 58.37x. Even so, net financial result still accounts for 75.9% of PBT, so the earnings mix still needs monitoring.
Key risk: profitability remains under pressure, with trailing-12M net margin at 2.38% after a 7.2pp decline versus the same period last year.
Statement Data
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
|
Net Revenue
|
121.3 | 906.0 | 367.2 | 382.3 | 492.0 |
|
Cost of Goods Sold
|
98.2 | 703.2 | 258.8 | 274.8 | 0.0 |
|
Gross Profit
|
23.1 | 202.7 | 108.4 | 107.5 | 125.2 |
|
Financial Expenses
|
4.9 | 0.5 | 4.8 | 10.1 | -17.9 |
|
Selling Expenses
|
— | 51.0 | 37.5 | 3.3 | -2.2 |
|
General and Administrative Expenses
|
18.2 | 32.5 | 23.6 | 18.3 | -21.0 |
|
Operating Profit
|
6.1 | 126.8 | 44.4 | 83.3 | 92.4 |
|
Profit Before Tax
|
7.1 | 106.8 | 44.9 | 85.4 | 100.6 |
|
Net Income
|
4.8 | 80.7 | 30.3 | 65.6 | 79.4 |
|
Profit Attributable to Parent
|
2.5 | 51.5 | 18.7 | 49.6 | 58.0 |
|
Earnings per Share
|
155.00 | 3,228.00 | 1,191.00 | 3,441.00 | 4,026.86 |
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